New Issue: Philippines prices $200 million 4% notes due 2021 to yield mid-swaps plus 155 bps

By Christine Van Dusen

Atlanta, Sept. 29 - The Republic of the Philippines priced $200 million 4% notes due Jan. 15, 2021 at 99.248 to yield 4.091%, or mid-swaps plus 155 basis points, as part of an exchange offer, an informed market source said.

Citigroup, HSBC and UBS were the bookrunners for the Securities and Exchange Commission-registered deal, which included a reopening of the sovereign's 6 3/8% bonds due 2034. The tap priced at 114.879 to yield 5.276%.

Issuer:	Republic of the Philippines
Amount:	$200 million
Maturity:	Jan. 15, 2021
Description:	Senior unsecured bonds
Bookrunners:	Citigroup, HSBC, UBS
Coupon:	4%
Price:	99.248
Yield:	4.091%
Spread:	Mid-swaps plus 155 bps
Trade date:	Sept. 29
Settlement date:	Oct. 6
Distribution:	Securities and Exchange Commission-registered

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